https://www.sec.gov/Archives/edgar/data/1041673/000119312522211741/d371429d497.htm
497 1 d371429d497.htm NUVEEN INVESTMENT TRUST II
NUVEEN INTERNATIONAL GROWTH FUND
SUPPLEMENT DATED AUGUST 4, 2022
TO THE PROSPECTUS AND SUMMARY PROSPECTUS DATED DECEMBER 1, 2021
Proposed Reorganization of
Nuveen International Growth Fund into
TIAA-CREF International Opportunities Fund
The Board of Trustees of Nuveen Investment Trust II (“NIT II”) and the Board of Trustees of TIAA-CREF Funds (“TC Funds”) have each approved the reorganization of Nuveen International Growth Fund (the “Target Fund”), a series of NIT II, into TIAA-CREF International Opportunities Fund (the “Acquiring Fund”), a series of TC Funds. In order for the reorganization to occur, it must be approved by the shareholders of the Target Fund.
If the Target Fund’s shareholders approve the reorganization, the Target Fund will transfer all of its assets and liabilities to the Acquiring Fund in exchange for Acquiring Fund shares of equal value. These Acquiring Fund shares will then be distributed to Target Fund shareholders and the Target Fund will be terminated. As a result of these transactions, Target Fund shareholders will become shareholders of the Acquiring Fund and will cease to be shareholders of the Target Fund. Each Target Fund shareholder will receive Acquiring Fund shares with a total value equal to the total value of that shareholder’s Target Fund shares immediately prior to the closing of the reorganization. It is expected that the reorganization will qualify as a tax-free reorganization for federal income tax purposes and that Target Fund shareholders will not recognize any gain or loss as a result of the reorganization. However, Target Fund shareholders will receive a distribution of substantially all net income and/or realized gains, if any, prior to the reorganization.
A special meeting of the Target Fund’s shareholders for the purpose of voting on the reorganization is expected to be held in early October 2022. If the required approval is obtained, it is anticipated that the reorganization will be consummated approximately 15-30 days after the special shareholder meeting. Further information regarding the proposed reorganization will be contained in proxy materials that are expected to be sent to shareholders of the Target Fund in September 2022.
The Target Fund will continue sales and redemptions of its shares as described in the prospectus until shortly before its reorganization. However, holders of shares purchased after the record date set for the Target Fund’s special meeting of shareholders will not be entitled to vote those shares at the special meeting.
PLEASE KEEP THIS WITH YOUR PROSPECTUS
AND/OR SUMMARY PROSPECTUS
FOR FUTURE REFERENCE

For the week ending on 8/3/22, Sentiment improved significantly: Bearish remained the top sentiment (38.9%; above average) & bullish remained the bottom (tie) sentiment (30.6%; below average); neutral remained the middle (tie) sentiment (30.6%; near average); Bull-Bear Spread was -8.3% (low). With all Sentiments in 30s (last times 1/5/22, 3/23/22, 6/1/22), future flip-flops in ordering are expected. There is widening belief that the worst is behind for the Sentiment and markets; mid-June may have been the worst. Investor concerns included recession/slowdown; inflation & supply-chain disruptions; the Fed/FOMC; market volatility (VIX, VXN, MOVE); Russia-Ukraine war (23+ weeks); geopolitical. For the Survey week (Thursday-Wednesday), stocks were up sharply, bonds up, oil down sharply, gold up sharply, dollar flat. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/thread/141/aaii-sentiment-survey-weekly?page=7&scrollTo=731

EFCU Financial, out of Baton Rouge. 3.75% for 5 years. (Scroll down the page.) For a "jumbo," you can get 3.85%. That's a $100,000.00 minimum.
https://www.investopedia.com/best-5-year-cd-rates-4801473
https://www.efcufinancial.org/media/201852/august-2022-rate-sheet.pdf
I did not look to see about membership eligibility.

High active share was once touted as a desirable attribute for actively-managed funds.
Some people claimed that funds with high active share would outperform.
Alas, this has not occurred largely for U.S. equities over the past decade or so.
John Rekenthaler from M* provides the details here.

Exxon doesn't care who its owners are.
That's a pretty good definition of poor governance - ignoring your shareholders. Ultimately that comes with consequences.

A year ago this month [May], a small hedge fund won an unlikely victory against ExxonMobil, gaining support from a majority of the company’s shareholders to replace three of its directors, against management’s wishes. The fund, called Engine No. 1, had argued that Exxon was failing to plan for a transition away from fossil fuels, and as a result was jeopardizing its long-term business prospects.
While Engine No. 1 held only a tiny number of shares, it waged a six-month campaign and convinced large investors like BlackRock and State Street that Exxon needed fresh faces on its board of directors. Even before the vote, Exxon responded to the pressure by announcing a new low-carbon business line and more ambitious plans to reduce its own direct greenhouse gas emissions.

https://insideclimatenews.org/news/17052022/charlie-penner-engine-no-1-exxonmobil/
That sounds like Exxon cared who its owners were - it opposed replacing board members and it responded to pressure by owners.
https://corpgov.law.harvard.edu/2021/07/23/eesg-activism-after-exxonmobil/

Making alcoholic beverages is morally wrong
Certainly some ratings penalize (or exclude) the manufacture of alcoholic beverages for moral reasons. However, M*'s Sustainalytics concerns are not moral but (surprise) sustainability:

Based on assessments from Sustainalytics ... the biggest environmental, social, or governance risk for alcohol stems from water use. ... water isn’t just an ingredient. It’s critical to production, including cleaning, cooling, and packaging. And water is even more important given its direct impact on product quality and experience, as well as the growing of ingredients like barley, corn, and other crops.

https://www.morningstar.com/articles/1092686/hate-the-sin-love-the-stock-investors-esg-exclusions-leave-opportunities
With respect to mutual funds, I do consider diversity a virtue, but some investors like lack thereof, i.e. concentration.

@Baseball_Fan : I checked average 5 year cd's issued .from January 2019. 1.4 -1.5 %
Your total sum seems somewhat suspicious for holding it that long, 3.5 years .
If you google , average cd rate 2019, you should find a chart.
I'll also admit it seems to me I bought a cd @ 3 % around 1/st qter 2018.
One other thought. Maybe that's the value going forth, if you sell, after your interest payment to you?
Have a good one, Derf

Follow the money. M* needs to show these metrics have value:

CHICAGO and AMSTERDAM, April 21, 2020 /PRNewswire/ -- Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today announced it has reached an agreement to acquire Sustainalytics, a globally recognized leader in environmental, social, and governance (ESG) ratings and research. Morningstar currently owns an approximate 40% ownership stake in Sustainalytics, first acquired in 2017, and will purchase the remaining approximate 60% of Sustainalytics shares upon closing of the transaction.

https://newsroom.morningstar.com/newsroom/news-archive/press-release-details/2020/Morningstar-to-Acquire-Sustainalytics-and-Expand-Access-to-ESG-Research-Data-and-Analytics-for-Investors-Worldwide/default.aspx

These are features of legacy pages from two iterations ago. M* hid them many months ago, though it has only recently completely disabled them.
In its current iteration (at morningstar.com) one can still compare fund performance by using interactive graphs and selecting the desired time period. In the newest iteration (at investor.morningstar.com) you can find the interactive chart by looking for the "charting" icon down the left hand side (thanks to Yogi for finding this).
These issues have been extensively discussed in this thread:
https://mutualfundobserver.com/discuss/discussion/59701/m-screwing-everything-up-again/p1
They are also the subject of an August commentary
https://www.mutualfundobserver.com/2022/08/new-coke-the-ford-edsel-cheetos-lip-balm-and-morningstar-investor/
As annoying as removal of convenience features are, so long as one has access to the data, one can at least in theory make do. (Though pragmatically it may not be worth one's time and effort.) OTOH, it is impossible to compensate for data that is completely eliminated, such as brokerage availability.

Morningstar eliminated at least 2 very nice features in its new improved iteration.
1. The ability to compare results between 2 or more funds, year by year and over various time periods.
2. The ability to see the daily performance of stocks within a mutual fund's portfolio.
I did have a link to the old pages where I could still access these features, but it recently stopped working.
These were nice features - why did they ditch them? Am I missing something?

+1.

+1. True. But I'm not going near that stuff.

Good afternoon All,
Serious question here as I feel I should but do not know the answer.
CDs.
When I buy them thru a bank, let's say for example sake, $100k, 3% APY, I see $103000 a year later in my account.
How does that work for CDs that you buy thru Schwab. When I look at the value, it makes no sense to me what the value and gain/loss is. For instance I opened a 3.55% brokered CD thru Schwab 3.5 years ago with $90k and it states the value is ~$90,492. No way that can be correct right? I called and their rep could not explain it. Does it all "true up" at the end of the CD term?
I hope this question makes sense.
Best,
Baseball Fan

I bought into the small cap fund in August of last year (it is closed to new investors, but I had an existing position in a retirement account) not realizing that the size of year-end distributions. The fund has never recovered from the 2021 distributions and the downturn in the market.

Not directly on point but worth keeping in mind is that active share is only a measure of how many stocks held by a fund are not identical to stocks in its benchmark index. So a 100% active fund could hold Pepsi instead of Coke, UMC instead of TSMC, etc.
IOW, active may mean less than one thinks, especially when it comes to overall market behaviour as opposed to tweaking around the edges.

Chart in the article:

Seems to point out that active management has a very low alpha add when it comes to Global Emerging Market across all time frames. Maybe just buy the index VWO, VEIEX, etc

Shorter-term TIPS held individually to maturity follow the CPI (less discount to par at purchase) & work as intended. Purchase at Treasury Direct (TD) or brokerages. Of course, go to TIPS after fully using annual limits for I Bonds (at TD only). TIPS funds (Mutual Funds, ETFs) introduce other factors – rate effects via duration; non-maturity; annual distributions of inflation-adjustments (whether earned or not); confusing presentations of 30-day SEC yields (real only vs real + current CPI). Beware of this when reading media articles (Twitter, M*, MFO 8/1/22) about issues of TIPS funds. https://ybbpersonalfinance.proboards.com/thread/278/mechanics-buying-selling-yr-tips?page=1&scrollTo=729

Just checked Fidelity and there are at least 5 more banks offering 1 year CD at 3.0%.

☞ Free link to NPR Article
Excerpts from the article:

The problems are mounting for Robinhood, a company that had big ambitions to revolutionize markets by attracting millions of amateur investors into stock trading for the first time.
On Tuesday, the company announced plans to cut almost a quarter of its staff, citing economic uncertainty, a steep selloff in cryptocurrencies, and a deteriorating market environment. This is the second round of layoffs for Robinhood, which reduced its workforce by about 9% in April.
The cuts mark another reversal for a company that created an app for trading stocks that became wildly popular when COVID-19 spread and the economy shut down, leaving millions stuck at home with plenty of time on their hands. At the time, interest rates were near zero, tech companies were expanding, and Americans had extra cash thanks to stimulus checks from the federal government.
But a deep downturn in markets has eroded Robinhood's fortunes this year. The company has seen its shares tank more than 70% since raising almost $2 billion when it went public in a high-profile initial public offering in 2021.
On Tuesday, CEO Vlad Tenev acknowledged in a blog post that the first staff reduction a few months ago "did not go far enough. As CEO, I approved and took responsibility for our ambitious staffing trajectory — this is on me," he wrote. "In this new environment, we are operating with more staffing than appropriate."
Robinhood has also attracted government scrutiny. Also on Tuesday, a New York financial regulator fined the company $30 million "for significant failures in the areas of bank secrecy act/anti-money laundering obligations and cybersecurity."
Robinhood is not the only tech company to lay off staff. Shopify, Netflix, Tesla and several crypto companies have also cut their workforces amid the worsening economic outlook.

. Unclear why he recycled 5 yr old stuff.
https://twitter.com/MichaelKitces/status/1553821828153577475

Probably because the first six months of 2022 caused a lot of panic among the SWR crowd, with stocks and bonds falling sharply together, thus threatening the idea that a balanced fund will sail you through any storm. I interpret the Kitces tweet as in the vein of "stay the course." Even Bengen was wavering, in that piece I cited above.